It is evident Litecoin is making some big moves in China as we speak. Whereas most other cryptocurrency markets are still reeling after substantial losses, LTC is recovering. In fact, the silver to Bitcoin’s gold has gained 6.41% in value over the past 24 hours. It is evident things are starting to change in the world of cryptocurrency.
Whenever an altcoin goes up in value, there is always a reason to take a closer look. This is especially true when that altcoin is one of the most respected cryptocurrencies in the world. Litecoin has been a popular currency for quite some time now, yet never fully got the attention it deserves. Slowly but surely, that situation is changing in favor of LTC. Right now, the value of the currency is increasing, both in USD and BTC value.
Korea and China Keep Pushing Litecoin
As is to be expected, this drive is mainly fueled by Korean and Chinese exchanges. More specifically, the volume of those exchanges represents over half of the global LTC trading volume right now. Bithumb is, once again, leading the charge with US$76m in 24-hour trading volume. OKCoin.cn is not too far behind with US$71.1m, followed by Hobi at US$61.7m. Asian traders have also shown a growing interest in Litecoin and it seems their demand remains insatiable.
Keeping in mind how the cryptocurrency markets are still recovering from a terrible weekend, this Litecoin trend is all the more intriguing. Some people feel Bitcoin’s upcoming UASF/SegWit2x debacle will spell disaster. It is impossible to tell whether or not that will happen, though. Should that be the case, it is not unlikely Litecoin will try to make solidify its position in the market and go for the throat. It is hard to picture LTC will become the number one cryptocurrency, but it can certainly overtake Ethereum.
Things are very tense in the world of cryptocurrency right now. Bitcoin is finally climbing back above US$2, 000, which is good to see. Litecoin, together with Ethereum, is trying to make some big gains once again. It will be interesting to see how these markets will play out in the long run. China and Korea are certainly pushing LTC to new heights with a strong increase in trading volume. The next goal for Litecoin is to overtake Ripple, which has nearly three times the market cap. A significant challenge, but anything can happen.
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